Income head for commission received by director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2013
If I am director of one Private Limited Company and i am getting commission on sale of the co. In which head i have to show the commission income in my personal return?
Will I get depreciation on vehicle purchased?
Will I get depreciation on vehicle purchased?
16 September 2013
it will be taxed under income from other sources.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2013
Thank You very much for your quick response.
Can get depreciation on vehicle in my personal return?
Can get depreciation on vehicle in my personal return?
16 September 2013
yes ofcourse when u show it as an asset in your balance sheet.
if u use for more then 1080 days then full depreciation allowed else only 50% allowed.
if u use for more then 1080 days then full depreciation allowed else only 50% allowed.
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